Crypto Prices: Polkadot (DOT) Stopped Rising From Main Resistance

By October 28, 2022Polkadot
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The prices of Polkadot (DOT) managed to push upwards on Thursday to 6.64, the highest values ​​recorded since the end of September. Thanks to the achievement of this new peak, the overall extension of the recovery that is rising from the lows of 21 October has pushed up to + 15.68%.

All this took place just at the moment when the bearish thrust now seemed more probable. We must therefore consider very likely that “fresh” resources are starting to arrive in the market again, buyers stimulated perhaps by the good moment that crosses the entire crypto market starting from mid-October.

The achievement of the aforementioned maximums was followed by the launch of profit taking, so much so that, as we write, Polkadot has returned to quoting in negative territory. When it is 20.14 CET on Thursday 27 October, DOT is trading on world exchanges at $ 6.42, down -0.77% on a daily basis.

The Uniqueness of Polkadot in the Crypto Market

The Polkadot cryptocurrency, created by the Web3 Foundation, is unique in its ability to connect several specialized blockchains into a single larger network. This allows for interoperability between different blockchain platforms, making investment opportunities more diverse.

In addition, Polkadot offers decentralized governance and the ability to quickly adapt to changes through user vote on the chain. Its proof-of-stake consensus mechanism ensures a high degree of security and efficiency in transaction processing.

Polkadot allows the transfer of tokens and other forms of digital assets. It uses parallel chains, also known as “parachains,” which allow for greater scalability and faster transaction speeds.

On the 30-minute bar chart we note that the recovery has ended, at least for the moment, right after the test of the main resistance at 6.64. In the retreat phase, a further intermediate resistance, closer to 6.52 / 54, has also formed in the last few hours.

Both resistances will be potential points of restart of the downside in case of recoveries, in particular between tonight and Friday 28. Expectations are of descent up to 6.23 and 6.04, updated bearish targets.

Attention: the picture described is closely linked to the resistance of the main resistance. Should the level be breached, the overall scenario would enjoy a rapid improvement, laying the groundwork for a bullish pull.

In that case we should update all levels and projections with next week’s analysis. However, we can already anticipate that the next higher verification levels are found at 6.95 and 7.12.

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